MGM Mirage completes $2.6 bln stock, note offering

SAN FRANCISCO (MarketWatch) -- MGM Mirage Inc.
MGM, -2.52%
said Tuesday it completed its $2.6 billion secondary stock and notes offering. The casino operator said it sold about 164.7 million common shares at $7 a share for net proceeds of $1.1 billion, and completed the sale of $1.5 billion in senior secured notes. "We are now well positioned to continue the work needed to achieve recovery and improve profitability, and we do so while still possessing the finest brand portfolio in the industry and the promise of CityCenter, a development that I am confident will surpass expectations," said MGM Mirage Chairman and Chief Executive Jim Murren in a statement. MGM Mirage shares fell 3.1% to $8.47 in recent trading.

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